Estate planning is not just for the wealthy. Anyone with a bank account, house, car or other personal property should have a will.
Even Consumer Reports suggests working with an experienced estate planning attorney to ensure documents are correctly prepared.
A person named as a transfer on death (TOD) beneficiary for an account will receive the assets held in it when the account owner dies.
It is quite a tragedy when a loved one passes away. You may want to remember them by keeping sentimental objects from their home, or perhaps they wanted you to inherit a specific item.
In presentations regarding essential actions individuals should take regarding inheritance, emphasis is usually placed on drafting a will. This leaves unanswered what happens to assets that do not pass by will —so called non-probate assets.
Here are some important parts of your estate plan that should be reviewed.
There are good reasons why people want their estates to avoid probate, and a lot of ways to do it.
Whether you drew up a will recently or years ago, keep in mind it’s generally not something you can set and forget.
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.